WEALTH MANAGEMENT | Cesar Tordesillas, Singapore

Singapore's Temasek registers less investment growth

Temasek Holdings announced that growth in the value of its investments slowed in the last financial year.

Temasek said in its annual report that the value of its investments rose 2.6 percent to 198 billion Singapore dollars or US$157 billion in the fiscal year ended March 31, down from 3.8 percent in the previous year.

Temasek said its net profit fell to SG$11 billion from SG$13 billion the previous year amid lower earnings from the companies it has stakes in.

This was attributed to a weakening global economy undermined the value of Asian companies.

Temasek said Asian companies account for 72 percent of its investments, down from 77 percent in the previous year due to the drop in valuation of those companies.

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